Major U.S. indices all finished in intraday highs after firm economic data release

Asian stocks

Markets in the United States all finished on their record highs last Wednesday. They were lifted by the released figures that suggested a strong economy in the country.

Global investors are currently enduring the main economic data last Wednesday. Jobs from the private sector added as much as 135,000 for the month of September, this was a sharp drop from August according to ADP and Moody. However, these numbers are higher than what analyst expected of 125,000. Most of the time, the report from ADP and Moody serves as a preview for the employment situation of the government.

The upcoming read of employment growth from the U.S. government is scheduled to be released this Friday.

Looking at U.S. stocks, the NASDAQ composite was only marginally higher by 0.04 percent at 6,543.63 but still finished on a record high. The Dow Jones industrial average added more than 19.97 points and ended at an all-time high of 22.661.64, with UnitedHealth and 3M as the leading advancers. The 30-stock index also managed to touch an intraday record of 22,685.94.

The S&P 500 rose by 0.1 percent at 2,537.74 and also hits intraday and closing records, with real estate and utilities contributing most gains. The index has been extending a seven-day winning streak, considered as its longest since May.

BTIG’s chief technical strategist Katie Stockton noted that the S&P has been continuously benefitting from the upbeat short-term momentum. Adding that the breakout from the consolidation phase at September refreshed the uptrend and helped it stay away from a pullback this October.

 

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